Insurance What insurance company do you use?

[mars1952]

Hi Everyone: Right now I have State Farm for all my insurance coverage. The problem is State Farm does not offer coverage for my tractor and equipment if it is used for farm activities. I have a small farm that I claim on my taxes therefore State Farm will not cover my farm equipment. I also have a Polaris Ranger that I use for farm work. State Farm is willing to insure it like they would a car to the tune of about $1000 a year for liability or about $2000 for full coverage.
I dug into the insurance question and have come up with an insurance company The North Carolina Farm Bureau Insurance Group. On paper they look great. They offer much higher liability coverage and they will cover my farm activities, equipment, animals, employees and the Ranger (only $90 per year for the Ranger). If I switch over to Farm Bureau insurance for everything (house, cars, farm, ranger) I could save about $200 per year plus they would cover the farm stuff and ranger where as State Farm does not cover the farm or the Ranger. However, I have read several legal articles on line that describe court cases where The Farm Bureau has weaseled out of their liability coverage.
Rivenbark vs Farm Bureau
Rivenbark v NC Farm Bureau Mut. Ins., 155 NC App 777 (01-1420) 01/21/2003 - Unpublished
Rowe vs Farm Bureau
Rowe v NC Farm Bureau Mutual Ins. Co., (02-539) 04/15/2003 - Unpublished
My questions are: Is The North Carolina Farm Bureau Insurance Group more of a weasel than any other insurance company? Has anyone here had personal experience with the Farm Bureau? Who in North Carolina has an insurance company that they would recommend for my needs?
Thanks, Marshall

 

[daTeacha]

Around here, Farm Bureau partners with Nationwide Insurance. We use State Farm and my tractor is covered under the personal property clause of my homeowners. When the wife had a farm with up to 50 sheep, State Farm was her insurance, and they happily paid for wind damage to the barn and a few other things.

 

[jimmy1]

I am not familiar with the regulations there but Insurance can be a complex issue. Here are some of my thoughts. First be sure that your situation and concerns are fully described to your agent or broker. You say the will not cover your tractor and equipment for farm activities. I assume you own a farm so I would also be concerned that your property is insured properly to have liability coverage for your general farm activities. You need to ask lots of questions of your agent or broker or anyone that you potentialy deal with so they understand all the exposures.

I will quess as to the reason for the difference in the Ranger premium. If it is insured the same as your car you would likely be covered both on and off the road. The $90.00 premium may just be as an extention to the property policy and may not consider any road use and be consider a farm vehicle. There may be nothing wrong with that as long as you are aware of what you have and that there may be a pitfall if a loss occurs that falls outside of the scope of the policy wording. Only you know how you want to use this vehicle and that use will determine the safest way to insure.

I did not read the cases that you reffered to but usually when this happens there is a loss that did not fall within the scope of the policy for some reason or often times breach of a policy condition. You will find these with any insurance company. The goal is to get the proper policy for your needs.

Hope this can help.

Jim

 

[JRobyn]

Won't SF write you an Inland Marine policy? That's what I've got for the farm equipment.

 

[mars1952]

Hi Jim and JRobyn: I have asked my State Farm agent serveral times to write a policy to cover my farm and they always say they can't. The Farm Bureau agent used Inland Marine for the Farm equipment. I guess North Carolina has its own rules. I have spelled out the way I plan to use the farm equipment and the Ranger to both State Farm and the Farm Bureau. In NC the Ranger can't be licensed for the road. But I will be using the Ranger and the farm equipment off of my property from time to time and I have explained this to both agents.
Marshall

 

[GaryCrowell]

I use Farm Bureau for my home and tractor. Here in Mississippi they're excellent. I don't know about other states.

 

[emmy71]

I have had NC Farm Bureau Insurance for about twenty years here in NC. Never had a problem with them. I have filed one homeowners claim, one motorcycle claim, and several auto claims (broken windshields) and they paid immediately. I bought an inland/marine policy from them for my tractor and FEL. $20,000 coverage for I think $115 a year. Covers theft, fire, transporting, accidents such as rollover, etc. The inland/marine policies can be purchased separately for each implement also. The thing I really like about them is they are ten minutes from the house, my agent is almost always available and he knows who I am and what I have insured with them.

Terry

 

[jimmy1]

Hi Mars. If State farm cannot write your farm I would guess that you have a gap in coverage there that does need to be addressed. They are a huge player there in the U.S. but up here they do not get involved in Farm or Commercial insurance much as it appears State's will differ from one to the other as well and that is normal for companies to pick and choose what they write and where.

I may not be quite on with the definition of "inland marine' but for me it means "all risk floaters" covering portable land items and the perfect example of that is machinery such as you have. We call it "all risk machinery floater".

It the Ranger cannot be licensed for the road you may be fine with the cheaper priced coverage. The important thing is to where and how it can be used and if your insurance agent knows he should be able to advise you of what you can and cannot do with it that may void coverage. we have had huge issues and discussions over the years about trucks that farmers want to put a slow moving vehicle sign on and cover under the farm insurance policy as a piece of equipment.

Anyway, I think you are on the right track to getting this resolved.

good luck.

Jim

 

[allpontiac]

Marshall - I have my home, cars, etc. with state farm in NC. My homeowners covers my tractor, etc. on my property but not away from home. I bought a seperate policy from them to cover my tractor and equipment under any circumstances, i.e. off property, on trailer, theft, fire, rollovers, etc. Costs about $135 a year - Lewis

 

[dynasim]

If you read the articles you attached, you will note the a reasonable person would come to the conclusion that the insurance company(and me, because I pay premiums) was taken advantage of in both cases. In no way could anyone say that the insurance company ethically owed the takers any money in either case. In the last case, because of some legal ambiguities, they had to pay, but the guy who got the money should not have received it.

In summary, while there have been some insurance companies who have been crooked, they are typically exposed. I would do some research on your existing company. The people who filed the suits highlighted are taking money from me, and the insurance company has a DUTY to prevent that sort of fraud from happening.

By the way, I only have liability insurance, and therefore shouldn't be considered a shill for the industry. It is just that I want the insurance I do use to be cost effective, and reliable. People who unreasonably bash insurance companies prevent that service from being available.

I would encourage people to read the attachments. They give an education about the nature of man.

Chris